It’s no secret that the housing crisis in recent years was particularly hard on military families. Servicemembers and their spouses at installations around the country, and even abroad, cited problems with mortgages as some of their most serious financial challenges. But now, the CFPB has written new mortgage rules that can help. More than a […]
Chairman Rockefeller, Ranking Member Thune, and distinguished Members of the Committee, I’d like to thank you for the opportunity to speak with you today concerning consumer protection for the military, particularly in the area of predatory lending to servicemembers and their families.
Starting today, you can submit payday complaints to us. So this seems a good time to remind you that if you are a servicemember on active duty you, your spouse, and certain dependents have the protection of a special law called the Military Lending Act (MLA). The MLA says that you can’t be charged an […]
When it comes to tricking you out of your money, for scammers it’s Halloween all year long. In 2011, an estimated 25.6 million adults (10.8 percent of the U.S. adult population) were victims of fraud. Consumer scams can take many different forms, from direct marketing to affinity scams and involve everything from identity theft to […]
August is usually a time when military families are wrapping up duty station moves, squeezing in summer vacations, and getting the kids enrolled in school. The hazy days of summer are not exactly the time when military parents (or kids) are thinking about December holiday wish lists, door-buster sales, and gift wrapping. But, believe it […]
Concerning our education mission, in an effort that I think would be of interest to this committee, my team worked with the Department of Defense (DoD) to create a financial module to be included in the recently revised Transition Assistance Program for those departing the military.